<p>This study examines how policy-related indicators are associated with circular economy performance in Australia over 2007–2021. Circular economy performance is measured across four dimensions: material productivity and consumption; waste generation and treatment; wastewater treatment; and recycling. The analysis is based on newly constructed composite indices of OECD data and an asymmetric NARDL model to explore whether positive and negative shifts in environment-related taxation and trust in government are correlated with the outcomes of the circular economy in both the short and long run. The results indicate significant long-run relationships between environment-related taxation, trust in government, science and technology conditions, and circular economy indicators. In particular, the findings show asymmetric tax effects, a generally positive association of institutional trust and science and technology with several circular-economy outcomes, and a negative association between environmental pressure and material, waste, and wastewater performance. The research adds a multidimensional measurement model to the evaluation of the circular economy in Australia and emphasizes that the estimated relations should be viewed as dynamic in the long run, rather than as absolute causal influences.</p>